Ann: Alltype secures $33M Lynas contract, page-21

Some company's pose risks as "value traps" that trade on multiples that may look cheap on the surface but are fully priced in for future growth. They've won a large contract and it shows growth in revenue, but if they can't keep finding massive jobs like this they've hired a large amount of workers and are about to get smashed on contracts going into a deflationary environment and have a load of redundancy payouts or keep paying wages to keep them for "future contracts" that never arrive. This is for starters, most engineering firms are similar.

Secondly, their balance sheet is a mess.

Thirdly, their capital management is questionable. Why raise if they have "$20mill cash on hand." it's all a façade for their cash flow issues from pre-paid contracts and racking up trade payables.

Fourthly, why hasn't any management bought any shares for ages if they're "so cheap?"

Fifthly, labour costs are blowing out, an engineering business solely relies on who walks in and out of the door everyday and whether they can keep quality talent is dependent on how much extra they pay them and currently moving jobs is the way to go in this environment. Businesses like this usually trade on lower multiples.